Crypto
Shinhan Bank builds first on-chain monitoring system to prevent money laundering
Shinhan Bank said on May 7 it will build the banking industry’s first on-chain monitoring system by adopting blockchain compliance firm BonanzaFactory’s KYT (Know Your Transaction) solution, TranSight. The tool analyzes blockchain transaction data and wallet addresses to detect risk signals of financial crimes such as money laundering and voice phishing. Shinhan plans to analyze wallet risk, including for stablecoins, and link the results with its systems for anti-money laundering work.
